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1
Slabý, Jindřich. "Private Equity a veřejná emise akcií a dluhopisů jako zdroje financování podniku". Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-4376.
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This thesis inquires into the problems of funding businesses by means of so called alternative financing arrangements, i.e. by Private Equity and Public Stock and Bond Offerings. The first section involves basic ideas and characteristics of the Czech capital market and its structure. The following three sections deal, in sequence, with particular means of financing. They comprise theoretic aspects of particular financing arrangements as well as analysis of advantages and disadvantages to businesses, resulting from their application. Furthermore these sections provide for characteristics of situation in sectors of these particular financing arrangements within the scope of the Czech capital market and detect potentials to improve it.
2
Autore, Don M. "Two Essays on Shelf-registered Corporate Equity Offerings". Diss., Virginia Tech, 2006. http://hdl.handle.net/10919/26823.
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This dissertation consists of two essays. The first provides evidence that the recent revival of shelf equity offers is related to changes in how firms use shelf registration. During 1990-2003 firms that make shelf filings have no immediate intent and low probability of issuance, lower pre-filing returns relative to non-shelf issuers, and often have been certified in prior SEOs. The evidence indicates that the way firms now use shelf offerings resolves the under-certification problem responsible for the shelf demise in the 1980s (Denis, 1991) and results in smaller market penalties and lower underwriter fees relative to non-shelf offerings. This allows firms with greater uncertainty to take advantage of the shelf option to defer or abandon offers. Additionally, firms often use universal shelf filings and choose between debt and equity offerings based on the prevailing relative market conditions.
The second essay examines offer price discounting of traditional and shelf-registered seasoned equity offerings (SEOs). The results indicate that relative to traditional SEOs, shelf discounting during 1982 - June 2004 is similar in magnitude, is influenced by the same factors, and has increased similarly over time. Prior studies attribute the time-series increase of seasoned offer discounting to pre-offer short sale constraints (Rule 10b-21; adopted in 1988). This study provides insights about the effect of Rule 10b-21 by exploiting the fact that shelf-registered offerings were exempt from this regulation until September 2004. The analysis uses the shelf exemption as a control in testing the Rule's effect, and the elimination of the exemption as an "out-of-sample" test. The results suggest that Rule 10b-21 is not associated with the increase in seasoned offer discounts. The gradual increase in discounting over the past two decades is largely due to a shift in the composition of issuers toward firms that have greater stock volatility and pre-offer price uncertainty.Ph. D.
3
Matanova, N. "Private equity and venture capital investors' involvement in firms post initial public offering". Thesis, City University London, 2015. http://openaccess.city.ac.uk/11893/.
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The capital provided by private equity (PE) and venture capital (VC) investors represents an alternative type of financing available to firms in comparison to more traditional financial intermediaries such as banks, equity from owners or angel investors. These financial sponsors not only provide funding, but also complete intense restructuring, improve corporate governance, align interest of managers and shareholders, provide certification and improve performance (Jensen 1986, 1989; Baker and Wruck, 1989; Baker and Gompers, 2003; Hochberg, 2012; Acharya et al, 2009). These investors are likely to realize their highest returns by bringing their sponsored firms to the stock market in the form of initial public offerings (IPOs). However, in practice PE and VC investors do not always exit fully at the IPO date (Celikyurt et al, 2014; Krishnan et al, 2011; Cao, 2011). They tend to maintain a block ownership in some IPOs, which allows them to remain actively involved in shaping firms' corporate policies. It is of great importance to academics, practitioners and other market participants to understand why these investors carry on investing in firms they brought to the market and whether such holdings create or destroy value. These issues motivate my research agenda. I focus on investigating PE and VC investors' post-IPO presence in firms, their effect on corporate policies and impact on the long-run performance. In particular, the three chapters of my thesis pursue the following three distinct objectives: (i) to answer the fundamental question concerning the motivation of PE and VC investors to retain ownership in the post-IPO period and whether this retention affects the firm’s aftermarket performance (ii) to examine whether PE and VC investors remain active monitoring agents and exert significant influence on various corporate policies (iii) to investigate the effect of PE and VC ownership retention on firms' cash reserves, which, as documented in previous studies, can lead to significant agency conflicts. Hence, the main objective of my thesis is to explore the extent, type and channels of private equity and venture capital investors' involvement in firms post-flotation, and its impact on the long-run performance. To answer these research questions, I use a large sample of US and UK IPOs over the 1997 and 2010 period. In this dissertation, I differentiate and analyse separately firms backed by PE and VC investors because these investors are different in many respects, particularly since they provide capital to distinctive type of companies, as VCs invest mainly in young, growing, high-tech firms, while PE investors are likely to back high cash flow mature firms in stable industries. I provide a comparative analysis across these investors to assess whether, after controlling for these fundamental characteristics, their involvement, investment and strategies with their IPOs in the post flotation period are homogeneous. I also contrast the US and the UK markets which I found to be significantly different in terms of the composition of these two types of investors, but also the characteristics and annual distributions of IPOs. In the first empirical study, I focus on the motivations of PE and VC funds to retain voluntarily ownership, defined as holdings outside the lockup restrictions, in the post-IPO period. I test the monitoring and signalling hypotheses, which suggest that IPOs in which VC and PE firms retain their holdings in the post-IPO period are more likely to generate higher returns because of these funds’ certification and their ability to monitor companies in which they hold large stakes. I find that in contrast to UK, where both type of financing play an equally important role in bringing companies to the stock market, the relative importance of VC-backed IPOs in the US is time varying. Moreover, the VC-backed IPOs are equally distributed across various industries in the UK, whereas VC financing is more prominent in certain industries in the US such as high-tech, telecommunications and healthcare. I find a non-monotonic (convex) relationship between financial sponsors’ voluntary ownership and firm performance. Hence, in contrast to managers who become entrenched at higher levels of ownership, financial sponsors create value in companies they hold more concentrated equity stakes. More specifically, I document that financial sponsors’ ownership is positively related to firm value when PE and VC investors’ stake is above 1.83%. Therefore, continued involvement of financial sponsors in the post-flotation period is beneficial for the shareholders. Also, I present evidence that compulsory and voluntary financial sponsors’ equity retention is used to mitigate potential managerial expropriation of outside shareholders. I demonstrate that a different institutional framework in UK and US has a significant impact on financial sponsors’ divestment extent at the IPO date and in the post-flotation period. I find that investment banks impose significantly stricter lockup restrictions (in terms of how much shares to retain) on financial sponsors involved in US backed IPOs than in UK ones. This is driven by more dispersed ownership in US companies, whose market is defined by a lower prevalence of institutional investors and the largest group of shareholders in the US being individual investors. In addition, I find that PE/VC house and underwriter reputations are only considered to be alternative commitment devices in the UK. I also highlight a number of other factors which affect voluntary ownership of PE and VC investors in the post-IPO period. In particular, I show that PE and VC fund characteristics (syndicate size, PE/VC fund’s bank-affiliation and low proximity to IPO firm headquarters) partially explain compulsory and voluntary holdings of financial sponsors post-flotation. This paper extends the literature on IPOs' performance by demonstrating that financial sponsors divest fully from stronger firms at the IPO date, while commit their resources to underperforming ones in which they create value in the post-flotation period. The second empirical study focuses on examining whether PE and VC investors create value by actively shaping IPO firms’ corporate policies in the post-flotation period. In this paper I focus on three corporate policies, namely the corporate governance, as reflected in the structure of the board of directors, the investments’ spending patterns, and the payout policy. These decisions are identified in prior literature to have a direct impact on firm value. I demonstrate that PE and VC investors with retained ownership continue to extensively monitor their backed IPOs. However, the two types of investors implement different monitoring approaches, which are driven by fundamentally different characteristics of the firms they finance: PE investors’ ownership has a significant positive effect on the board’s size, while VC investors primarily focus on the proportion of independent directors on the board of directors. Moreover, I find that the ownership structure of financial sponsors has a material impact on monitoring of portfolio firms, as IPOs backed by bank-affiliated PE funds have significantly larger boards. In terms of investment decisions, VC investors minimize expenditures in all retained IPO firms. PE sponsors’ only reduce expenditures in IPOs with low proximity, so when PE investors’ monitoring abilities are significantly constrained by distance and hence costs of monitoring are higher. In contrast to non-backed IPOs, I find that financially sponsored companies are more likely to initiate a payout via dividends.
4
Eriksson, Johan. "Earnings management within IPO firms and private equity backing : Earnings management's affect on stock market reaction and IPO's adjustable offering". Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-256335.
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In order to boost the exit value, it is not uncommon that issuers report earnings in excess of cash flow generated by its operations at the initial public offering (IPO). The discretionary activity of performing earnings management can mislead investors about the intrinsic value of the newly public firm. Within this study, I examine how earnings management will affect the stock market reaction upon the lockup expiration date, the IPO adjustable offering size, and how the backing of private equity or venture capital (PEVC) affects earnings management tendencies within IPO firms. Using a unique, hand-collected dataset of 56 Swedish newly public firms from 2007 - 2014, I show that IPO firms (i) manage their earnings at the full fiscal year prior to the IPO and that earnings management will result in a negative stock market reaction upon the lockup expiration date. More importantly, I show that (ii) high adjustable offerings do not affect this relationship indicating that earnings management has no impact on the adjustable part of the offering size within IPOs. I also find that (iii) IPO firms backed by PEVC firms are more eager to manipulate their earnings, and (iv) highly reputable PEVC firms do not mitigate the manipulation of earnings within IPO firms. The results taken together suggest that studying the stock market reaction on the lockup expiration date is important for manipulative IPO firm detection, and that a participation in IPOs backed by PEVC firms must be done with caution.
5
Tepe, Mete. "Market Reaction To Rights Offering Announcements In The Turkish Stock Market". Master's thesis, METU, 2012. http://etd.lib.metu.edu.tr/upload/12614044/index.pdf.
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This study examines the market reaction to rights offering announcements in Turkey. Even though the topic is extensively studied in the finance literature, there is still research going on for emerging markets. The first part of this study measures market reaction to rights offering announcements for six different information arrival dates. The results are significantly negative except for the case of the announcement of the rights offering period. Additionally, the sample is divided into two sub-periods as before and after the 2001 crisis. The results show that there is a significant difference in market reaction and this difference is attributed to the change in economic policy after the 2001 crisis. The second part of the study examines the determinants of this market reaction and the findings suggest that bonus issues are positively related and there is also evidence that firms time their equity issues. The third part analyzes the long term performance of equity issuing firms in two subgroups as financial and non-financial firms. The results provide evidence of a negative performance and this finding is consistent with the results of previous studies.
6
Mathew, Prem George. "Long-horizon event study methodology and seasoned equity offering performance in the Pacific Rim financial markets /". free to MU campus, to others for purchase, 1999. http://wwwlib.umi.com/cr/mo/fullcit?p9953880.
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CASOTTI, FELIPE PRETTI. "INITIAL PUBLIC OFFERING IN BRAZIL (2004-2006): A VALUATION APPROACH USING MULTIPLES AND COST OF EQUITY". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2007. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=11704@1.
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A precificação das ações emitidas em ofertas públicas
iniciais tem sido alvo
de estudos em diversos países. Abordando o conceito de
avaliação por múltiplos,
este trabalho busca verificar se as ações das empresas
estavam sub-avaliadas ou
super-avaliadas no momento das suas Ofertas Públicas
Iniciais (Initial Public
Offerings). Posteriormente, são determinados os custos de
capital próprio
adotados na emissão, verificando-se a diferença entre
betas
utilizados no modelo
CAPM, no momento da IPO, e os betas dos 12 meses após a
oferta inicial. Para
tal, foi utilizada uma amostra composta por empresas que
abriram capital entre
2004 e 2006. Observou-se que as ações não foram sub-
avaliadas, mesmo após
serem observados elevados retornos iniciais. No entanto,
não há evidências
estatísticas de que foram super-avaliadas. Por fim,
verificou-se que os betas de 12
meses são significativamente maiores do que os betas
utilizados no momento da
precificação. Como esperado, o modelo CAPM determinou
retornos abaixo dos
retornos ocorridos após a emissão.The pricing of assets issued in initial public offerings has been the subject of many studies in several countries. Using the concept of relative valuation, this study intends to verify if the shares of selected companies were undervalued or not at the time of their IPOs (Initial Public Offering). Later, the cost of equity is determined and betas used in the CAPM model, at the time of the IPO, and the betas verified 12 months after the initial issue are compared. The sample is composed of companies with IPOs during the period 2004-2006. The results show that the shares were undervalued, although high initial returns were observed. However, there is no statistical evidence that they are overvalued. Finally, it was found that the betas after 12 months are significantly higher than the ones used at the time of the pricing. As expected, the CAPM model determined returns below the returns that occurred.
8
Yi, Bingsheng. "Two Essays on Security Offerings: Information Production, Investor Perception and The Types of External Financing, and A Unified Analysis on Financing Choices and Offering Costs". [Tampa, Fla.] : University of South Florida, 2005. http://purl.fcla.edu/fcla/etd/SFE0001173.
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9
Svenberg, Filip, i Philip Hivander. "Private Equity-finansiering - hjälpande eller stjälpande? : En eventstudie om svenska PE- och VC-aktörers påverkan på operationellt värdeskapande för svenska portföljbolag under 2000 – 2017". Thesis, Linköpings universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-148904.
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Bakgrund och problem: Det långsiktiga värdeskapandet av Private Equity (PE)- och Venture Capital (VC)-bolag är ett fenomen som forskats kring sedan dess uppenbarelse i mitten av 80-talet. Tidigare forskning har främst fokuserat på portföljbolagens prestation under ägande, medan forskningen är gles gällande de långsiktiga konsekvenserna av PE- och VC-ägande. Trots tidigare forskning inom området, som sträcker sig över tre decennier, finns det ingen etablerad konsensus om de långsiktiga effekterna av PE- och VC-finansiering. Med tanke på den tvetydiga forskningen och det faktum att det inte råder någon konsensus inom området syftar denna studie att undersöka fenomenet på den svenska marknaden. Syfte: Denna studie syftar till att analysera huruvida det råder en operationell prestationsskillnad mellan tidigare PE- och VC-ägda portföljbolag gentemot dess branschkonkurrenter efter avyttring genom börsnotering. Vidare ämnar studien analysera de bakomliggande faktorerna till den tänkbara prestationsskillnaden samt utreda om dessa varierar beroende på vilken aktör som tidigare stått för ägandet. Metod: Undersökningen genomfördes på den svenska marknaden mellan 2000 och 2017 med EBITDA-marginalen, omsättning per anställd, avkastning på sysselsatt kapital, operativa kassaflöden/totala tillgångar och rörelsekapital/omsättning som indikator på operationell prestation. I linje med tidigare forskning tillämpar följande studie en kvantitativ forskningsmetod, en deduktiv design och använder både ett parametrisk och icke parametrisk test i syfte att avgöra den statistiska säkerheten i resultaten. Slutsats: Studien konstaterar att den långsiktiga operationella prestationen för tidigare PE-ägda portföljbolag är sämre än den för branschkonkurrenter. Resultaten fastställer dock en kortsiktig överprestation som grundar sig i varaktiga effekter av effektiviseringsåtgärder från ägandeperioden. I motsats till detta, indikerar VC-ägda portföljbolag på en operativ underprestation, relativt branschkonkurrenter, på kort- och lång sikt men på grund av ett begränsat urval av portföljbolag kan detta inte statistiskt säkerställas.Background and problem: The long term value creation of Private Equity (PE) and Venture (VC) Capital firms is a phenomena that has been debated and researched since its revelation in the mid 80’s. Previous research has primarily focused on the performance of portfolio companies during ownership, while the offer is relatively sparse investigating the long term consequences of PE and VC ownership after divestment. Despite previous research within the field, extending over three decades, there is no established consensus of the long term results of PE and VC financing. Given the contradiction of previous research the study aims to investigate the phenomena in detail on the Swedish market. Purpose: The study aims is to investigate how formerly Private Equity (PE) and Venture Capital (VC) backed portfolio companies preform, relative industry peers, after divestment through IPO. The study is based upon five key operational metrics and further strives to analyse and determine the explanatory variables to the presumed performance deviations and if these vary depending on which actor who previously was responsible for the ownership. Methodology: The study was conducted on the Swedish market between 2000 and 2017 using the EBITDA-margin, RPE, ROCE, operational cash flows to total assets and net working capital to sales as operational determinants for long- and short term performance. In line with previous research the following event study applies a quantitative research method, a deductive design and uses both a parametric and a non-parametric test to determine the statistical significance of the results. Conclusion: The study concludes that the long term operational performance of previously PE- owned portfolio companies is inferior to that of industry peers. However, the results conclude that the portfolio companies over perform industry peers in the short term due to lasting effects of efficiency processes from the ownership period. In contrary to previous results VC-owned portfolio companies indicate an operational under performance in the short and long term but due to a limited selection of portfolio companies this cannot be statistically proven.
10
Lenberg, Jesper, i Måns Wihl. "Börsnotering – träna sprint för ett maraton? : En eventstudie om Private equity-aktörers bestående värdeskapande – bevis från Skandinavien 2002-2013". Thesis, Linköpings universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-138804.
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Bakgrund och problem: Private equity-aktörers värdeskapande är ett fenomen som studerats internationellt sedan 80-talet och intensifierats under det senaste årtiondet. Med en mängd forskning angående prestationen under ägandeskapet är utbudet mindre huruvida prestationen är bestående och hur portföljbolagen presterar efter att de avyttrats. Trots detta råder det ingen konsensus kring tidigare studiers resultat. Mot bakgrund av den motstridighet som föreligger i tidigare forskning och den uppmärksammade debatten om riskkapitalisters värdeskapande söker denna studie att studera och undersöka ämnet närmre för den skandinaviska marknaden. Syfte: Studiens syfte är att undersöka hur skandinaviska portföljbolag presterar efter avyttring genom börsintroduktion. Studien ämnar därmed att utreda, kartlägga och skapa bättre förståelse huruvida det föreligger någon skillnad i tidigare PE-ägda portföljbolags prestation gentemot branschkonkurrenter utifrån utvalda nyckeltal. Metod: Studien applicerar en kvantitativ forskningsmetod, vilket är i linje med tidigare forskning och referensstudier som även använder ett parametriskt och ett icke-parametriskt statistiskt test för att utröna om över- eller underprestation föreligger för tidigare PE-ägda portföljbolag. Därefter har studiens resultat analyserats med bakgrund av tidigare forskning och vedertagna teorier inom ämnet. Slutsats: Studiens resultat konstaterar att tidigare PE-ägda portföljbolag som börsnoterats inte överpresterar sina branschkonkurrenter, utan presterar sämre eller endast i linje med dem. Till skillnad från tidigare forskning kan ingen av- eller tilltagande effekt urskiljas, vilket innebär att ägarbytet vid börsnoteringen inte medför några bestående komparativa konkurrensför- eller nackdelar.Background and problem: Private equity companies’ long-term performance is a phenomena that has been examined internationally since the 80’s, which has intensified over the last decade. With a lot of research focusing on performance during the ownership, the offer is less extensive whether the performance is long-term and how the divested portfolio companies perform after the private equity companies exit. Nevertheless, there is up today no consensus regarding the result of the previous studies. In the light of the contradiction of the previous research and the debate on risk capitalists’ value creation, this study seeks to investigate the phenomena closer on the Scandinavian market. Purpose: The purpose of this study is to investigate how Scandinavian portfolio companies perform after divestment through an IPO. The study thus aims to investigate, plot and create a better understanding of whether there is any difference in past PE-owned portfolio companies’ performance relative industry competitors bases on selected key ratios. Methodology: The study applies a quantitative research method, which in line with previous research and reference studies, uses a statistical parametric and a non-parametric test to determine whether over- or underperformance exists for previous PE-owned portfolio companies. The result of the study have been analyzed in the light of previous research and conventional theories within the field of subject. Conclusions: This study’s findings show that previous private equity owned portfolio companies do not over perform their industry peers, but perform in line or inferior to them. Unlike previous research, no decreasing or increasing effect can be distinguished which means that the change of ownership through the IPO does not bring any long-term comparative competitive advantages or disadvantages.
11
ANDRADE, MARCELO GAZINEU CEZAR DE. "INITIAL PUBLIC OFFERING IN THE BRAZILIAN MARKET: A VALUATION OF THE OPERATIONS IN THE PERIOD BETWEEN 2004 AND 2008, USING RELATIVE VALUATION AND COST OF EQUITY". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2012. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=20818@1.
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A Oferta Publica Inicial de Ações (IPO) tem sido objeto de estudo em
diversos países, em função da importância destas operações, principalmente em
mercados desenvolvidos. Especialmente no Brasil, este ainda é um assunto
relativamente novo, com crescimento no volume de operações nos últimos anos.
Este trabalho busca avaliar as operações através da metodologia de Múltiplos,
verificando se as empresas foram superavaliadas, ou tiveram seu valor
subestimado. Em seguida, foi estimado o custo de capital próprio das empresas,
com base nas informações disponíveis no momento da operação e comparado ao
retorno observado após o lançamento. Da mesma forma, foi estimado o beta, com
base na média de cada setor e comparado ao realizado nos meses seguintes,
buscando testar a assertividade das estimativas utilizadas para o cálculo do Custo
de Capital. O presente trabalho teve como ponto de partida o estudo realizado por
Felipe Casotti (2007), analisando as operações entre 2004 e 2006, tendo agora
uma amostra maior e um histórico mais longo de dados, possibilitando análises
mais robustas e resultados mais conclusivos. É possível constatar que as
precificações das emissões não foram superestimadas, pois apesar das altas
valorizações no curto prazo, os retornos de longo prazo ficaram abaixo do médio
do mercado e em linha com o Custo de Capital estimado.Initial Public Offerings (IPO) have been the subject of studies in many countries due to its importance, mainly in developed markets. Especially in Brazil, it is still a new topic, as the number of operations has grown over the last years. This research intends to evaluate these operations, using the Relative Valuation Methodology, to verify if the companies were overpriced or underpriced. Following that, the Cost of Equity for these companies was estimated, based on the information available at the time of the offer and then compared to the return observed after the shares issue. Besides that, the beta was estimated based on the average for each industry, and then compared to the actual observed on the following months, aiming at testing the accuracy of the estimate used in the Cost of Capital calculation. This research was based on a previous study, undertaken by Felipe Casotti (2007), which analyzed the operations between 2004 and 2006, with the added benefit of now having a larger sample and a longer record of actual data, enabling more robust analyses and more conclusive results. It is possible to observe that the price of IPOs were not overestimated, as despite the high upsides in the short term, the returns in the long run performed below market average and were very close to the estimated Cost of Capital.
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Eriksson, Jens, i Carl Geijer. "Why are IPOs still attractive : A comparison between going public or staying private". Thesis, Jönköping University, JIBS, Accounting and Finance, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-421.
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Bakgrund: Under de senaste två åren så har svenska Private Equity-bolag ökat sina investeringar signifikant. Enkelheten i att anskaffa kapital, såväl som billig skuldsättningsgrad har lett till en ökad aktivitet från PE-bolagen genom uppköp av marknadsledande bolag med starkt kassaflöde. Konkurrensen för attraktiva företag som är till salu har ökat nämnvärt, vilket i sin tur har lett till prisökningar på de utsatta bolagen. De högre värderingarna från PE-bolagen påverkar också antalet börsintroduktioner på Stockholmsbörsen. Ett skäl för de allt färre börsintroduktioner kommer av att bolagen har blivit högre värderade av PE-bolagen jämförelsevis med en värdet av en börsintroduktion.
Syfte: Avsikten med denna uppsats är att, från aktieägarens synvinkel, analysera och beskriva de olika skäl som finns för att gör en börsintroduktion istället för att sälja till ett PE-bolag.
Metod: Undersökningen är baserad på att samla och förstå information gällande specifika personers val och motiv med ett kvalitativt synsätt. Urvalet från undersökningen innehåller alla företag som har genomfört en börsintroduktion på Stockholmsbörsen mellan 1 januari 2005 och 1 april 2006. Intervjuerna har genomförts med varje styrelseordförande, i och med att författarna tror att dessa företrädare är de bästa representanterna för aktieägarna. De personer som lät sig intervjuas fick tala fritt, även om de större frågorna var tvungna att följas i kronologisk ordning.
Slutsats: Alla motiv för att genomföra en börsintroduktion kunde ha uppfyllts genom att sälja till ett PE-bolag, förutom motivet om att uppnå likviditet i aktierna. Ett av de attraktiva motiven för likviditet i aktier är att aktieägarna kan välja mellan att minska ägandet, öka ägandet eller bibehålla de nuvarande aktierna. Ett annat attraktivt skäl är att finansiella institutioner normalt ansluter sig som aktieägare, vilket i sin tur ökar trovärdigheten av företaget. Åtta av det tio företagen hade parallella planer längs med arbetet med börsintroduktionen. De flesta av bolagen hade i åtanke att sälja till ett PE-bolag vid eventuellt gynnsamt bud. Dock fanns det inga PE-bolag som bjöd ett tillräckligt bra pris för de individuella bolagen. Antingen så erhöll de dåvarande ägarna ett bättre pris från börsintroduktionen, eller så trodde de återstående ägarna på att börsen i framtiden skulle prestera bättre än PE-bolagens bud. Enligt teorierna har buy-outs fler fördelar jämförelsevis med börsintroduktioner, men de empiriska undersökningarna visar att de två alternativen var likvärdiga. Den enda fördelen med en eventuell buy-out var att det skulle begära mindre eller samma arbetsbelastning i termer av förberedelser. Dock så ansågs en börsintroduktion vara dyr såväl som att den tar energi och fokus från ledningen.
Background: During the last two years, Swedish Private Equity (PE) companies have increased their investments significantly. Easy access to capital, as well as inexpensive leverage, has led to an increase in activity of PE buy-outs of market leaders with strong cash flow. The competition for objects that are for sale has amplified, which has resulted in price increases of the objects. The higher prices offered by the PE companies also affects the number of initial public offerings (IPO) on the Stockholm Stock Exchange. One reason for the small number of current IPOs is that the objects simply have been valued higher by PE companies than they would do in an IPO.
Purpose: The purpose with this thesis is, from a shareholder’s point of view, to analyze and describe the reasons of making an IPO instead of selling to a PE company.
Methodology: Since the research is based on gathering and understanding information regarding specific persons’ choices and motives, a qualitative approach has been conducted. The research sample contains of all companies that made an IPO on the Stockholm Stock Exchange between 1 January 2005 and 1 April 2006. Interviews have been made with each company’s Chairman of the Board of Directors, since the authors believe that these individuals are the ultimate shareholder rep-resentatives. The interviewees were allowed to speak freely, even though the major questions had to be followed in a chronological order.
Conclusion: All the main motives of the IPO could have been achieved by selling to PE company, except the motive of attaining share liquidity. One of the attractive reasons for share liquidity is that shareholders easily can choose between reducing ownership, increasing ownership or remain with existing shares. Another attractive reason is that financial institutions normally become share-holders, which in turn increases the credibility of the company. Eight out of the ten companies had parallel plans to the IPO; most of them including a possible PE buy-out scenario. However, no PE company offered a price high enough for the individual companies. Either the existing owners received a better IPO price, or the remaining owners believed that the stock exchange would out-perform the PE price offers in the long-run. Theory means that buy-out has got its advantages compared to IPO, but the empirical findings show that the alternatives were on the contrary quite similar. The single advantage with a possible buy-out was that it would demand less, or at most equal, work load in terms of preparation before the sale. However, the negative part with the IPO was that it was considered expensive as well as it took energy and distraction of focus it took from the management team.
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Testa, Carlos Henrique Rodrigues. "O papel certificador dos fundos de private equity e venture capital na qualidade das empresas estreantes na BM&FBovespa". Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-28082013-132623/.
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O presente trabalho buscou investigar, sob a perspectiva da Teoria da Sinalização, o papel certificador dos fundos de Private Equity e Venture Capital (PE/VC) sobre a qualidade das empresas estreantes na BM&FBovespa (IPOs). Para isso, propôs-se um estudo de evento visando constatar a existência de retornos anormais acumulados (proxy para qualidade dos IPOs) em carteiras de investimentos compostas por ações provenientes dos IPOs realizados na BM&FBovespa, no período de janeiro de 2004 a dezembro de 2007. As hipóteses do trabalho foram verificadas por meio de três procedimentos distintos: teste de médias, método CAPM e regressões CAR. Os resultados dos testes de médias indicaram que os IPOs de empresas investidas por fundos de PE/VC apresentaram desempenhos de curto, médio e longo prazo (até 5 anos) superiores e estatisticamente significantes em relação às empresas não investidas. Além disso, os resultados demonstraram que quanto maior a participação dos fundos de PE/VC na empresa investida, melhor o desempenho de longo prazo. Os resultados do método CAPM indicaram que os retornos observados dos IPOs foram inferiores aos retornos esperados, dado o nível de risco assumido. As regressões CAR verificaram se a presença de fundos de PE/VC explica retornos anormais positivos dos IPOs, após controle de outros fatores. As evidências encontradas sugerem que a presença de fundos de PE/VC nas empresas estreantes na BM&FBovespa possui efeito positivo sobre os retornos anormais acumulados dos IPOs e, quanto maior a participação acionária detida pelo fundo de PE/VC na empresa, no momento imediatamente anterior ao IPO, maiores os retornos anormais acumulados de longo prazo. Em geral, os retornos das amostras analisadas foram inferiores ao desempenho do índice Ibovespa, podendo ser um reflexo da crise financeira mundial, com maior impacto sobre empresas com histórico recente na bolsa (IPOs), em relação às empresas tradicionais (blue chips) que integram o Ibovespa.This study investigated, under the perspective of Signaling Theory, the certifier role of Private Equity and Venture Capital investments (PE/VC) on the quality of initial public offerings (IPOs) at BM&FBovespa. It was proposed an event study in order to examine the existence of cumulative abnormal returns (proxy for IPOs quality) in portfolios composed of stocks from the IPOs occurred on BM&FBovespa, from January 2004 to December 2007. The hypotheses of this study were verified by three different procedures: test for equality of means, CAPM method and CAR regressions. The tests for equality of means suggested that the companies that received investments of PE/VC, before the IPOs, had statistical significant short, medium and long-term performances (up to 5 years) higher than non-invested companies. Besides that, the results showed that the higher the equity PE/VC held in the companies, before the IPO, better the long-term yield. The CAPM method indicated that the observed returns were lower than the expected returns, given the level of risk assumed. CAR regressions examined whether the presence of PE/VC explains positive abnormal returns of the IPOs, after controlling for other factors. The evidence suggests that the presence of PE/VC has positive effect on the cumulative abnormal returns on the IPOs, and the higher the equity held by the PE/VC in the firm, immediately before the IPO, the greater the long-term cumulative abnormal returns. In general, the returns of the samples were below Ibovespa index, which may be a reflection of the global financial crisis, with greater impact on companies with recent history in the stock market (IPOs), compared to traditional firms (blue chips) that integrate Ibovespa.
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Huang, Zhongnan. "Seasoned equity offerings in China". Thesis, SOAS, University of London, 2012. http://eprints.soas.ac.uk/13813/.
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Zielinski, Kamil. "Langfristige Renditeentwicklung nach Börseneinführungen und Kapitalerhöhungen am polnischen Kapitalmarkt". Doctoral thesis, Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät, 2013. http://dx.doi.org/10.18452/16837.
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Die vorliegende Studie entstand, um die langfristige Renditeentwicklung polnischer Aktien nach Börseneinführungen und Kapitalerhöhungen in den Jahren 1994-2008 zu untersuchen. Ein besonderes Augenmerk richtet sich dabei auf die Erkennung und Analyse der performancerelevanten Unternehmenseigenschaften sowie auf die Erklärung der festgestellten Marktanomalien mit Hilfe ausgewählter Modellansätze. Die empirischen Analysen wurden aus dem Blickwinkel eines Kleininvestors durchgeführt, wodurch die meisten Ergebnisse, neben dem wissenschaftlichen Wert, eine hohe Praxisrelevanz besitzen. Die Untersuchung von insgesamt 263 Börseneinführungen ergab, dass die Emissionsrenditen der meisten Aktien zwar signifikant positiv waren, längerfristig bauten sie sich aber ab. Am Ende des 36-sten Notierungsmonats wiesen sie insgesamt eine starke Underperformance auf. Dabei entwickelten sich die langfristigen marktbereinigten IPO-Renditen in den 90-er Jahren wesentlich schlechter, als nach der Jahrhundertwende. Die Analyse des Kursverhaltens nach 157 Kapitalerhöhungen durch Aktien- und Bezugsrechtsemissionen zeigte, dass innerhalb der dreijährigen Halteperiode die Performance der betrachteten Stichprobe von der Rendite des Gesamtmarktes nur geringfügig abweichte. Dabei entwickelten sich die Kurse von Aktien der kleineren Firmen wesentlich schlechter, als die Aktienkurse der hochkapitalisierten Unternehmen.This study investigates the long-term stock return after initial public offerings and seasoned equity offerings occurred between 1994 and 2008. A particular attention is being paid to the identification and analysis of performance-relevant issuing firm characteristics and the explanation of the identified market anomalies by means of the preselected explanatory models. Since the empirical study was carried out from the small investor’s perspective, the majority of the obtained results provide not only a considerable scientific value, but also a strong relevance to the actual practice. The study examined 263 IPOs of common stocks and found an overwhelmingly positive initial return. However, this return vanished gradually on the long run, resulting in a high overall underperformance in 36 months after the first listing. In this respect, it is remarkable that the long-term returns of the IPO-stocks issued in the 1990s proved considerably lower than of those placed after 2000. The examination of the long-term stock price behaviour after 157 SEOs reveals only a tiny difference between the performance of the sample and the overall market return. Noteworthy is however the fact that equity issues conducted by smaller firms led usually to significantly poorer stock performance, than when equity was offered by large capitalized companies.
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Michailides, Constantinos. "Timing of initial public offerings, seasoned equity offerings and takeover bids financed with equity : UK evidence". Thesis, City University London, 2000. http://openaccess.city.ac.uk/8166/.
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This thesis examines the "timing" of equity issues. We seek to find the factors that "drive" the time series variation in the equity issuance activity. Our main motivation is to see whether the Initial Public Offerings, Seasoned equity offerings and Takeover activity financed with equity move together. Our second motivation is to see whether certain individual factors affect the timing of the three corporate activities. We focus our research effort on whether business conditions, adverse selection costs and "sentiment timing" can explain the variation in equity issue activity across time. Economic conditions have a significant effect on equity issuance activity. More firms make an IPO and more capital is raised from IPOs during the upturn of the business cycle relative to the downturn of the cycle. The impact of economic conditions on the SEO volume is also positive but marginally significant. In addition, more bidders use equity to finance a takeover bid during the upturn of the business cycle. The improvement of business conditions has a significant effect on the magnitude of adverse selection costs associated with the announcement of a SEO and a takeover bid that is financed with equity. During the upturn of the business cycle the market reacts less adversely to the announcement of these actions while in the downturn of the cycle the announcement of the SEO and the equity financed bid is accompanied by more negative returns. Underpricing for IPOs however is not lower during the upturn of the business cycle. Firms that make an IPO, a SEO and a takeover bid that is financed with equity are associated with significant adverse share price movements which impose significant indirect costs to the issuers and bidders. This thesis investigates how these costs affect the timing of the three corporate actions. The magnitude of adverse selection costs has a significant effect only on the volume of Seasoned equity offerings with more firms making a rights issue during periods when the announcement of the recent rights issues is accompanied by less negative returns. IPO volume is not higher when the average first day returns of the recent IPOs are low and the percentage of bidders that use equity to finance the bid over all bidders is not higher when the drop of the share price of the bidder on the announcement of the recent equity financed bids is smaller. It has been widely documented that firms which make an IPO, a SEO and a takeover bid that is financed with equity offer inferior returns to their shareholders in the post-issue period. Cognitive bias and deliberate timing of these actions at periods when share prices are irrationally high are the best explanations that the literature has provided for the underperformance. We find a significant underperformance of SEOs and bidders that use equity to finance the bid and IPOs if the high first day returns are not included. These findings suggest that the above firms are overvalued at the time these action take place but does not address whether variations in volume across time are driven by variation in the degree of overvaluation. We find that only variations in IPO volume are driven by variations in the degree of overvaluation. Periods when more capital is raised from IPOs are periods when the average IPO is more overvalued than IPOs that go public in periods when IPO activity slows down. Variations in the SEO volume and the equity financed takeover activity are not driven by overvaluation exploitation. Time series regressions on the amount raised from IPOs and SEOs reveals the significant role of investors' sentiment on the timing of equity issues. We use financial analysts earnings forecasts as a proxy for market sentiment and we find that more capital is raised from IPOs during periods when analysts' earnings forecasts for the recent IPOs are more optimistic. We also find that more capital is raised from SEOs during periods when analysts' earnings forecasts for the recent SEOs are more overoptimistic. Previous empirical studies suggest that firms time the issues at the peak of their profitability. Our evidence from financial analysts earnings forecast revisions reveal that SEO firms time the issue after a period of high earnings growth and prior to a small deterioration in earnings while IPO firms time the issue at the beginning or during a period of sustainable earnings growth and not at the peak of their profitability.
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Fong, Joseph Kam Wah. "Market manipulation in seasoned equity offerings". Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2001. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp05/NQ63420.pdf.
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Ho, Yueh-Fang. "Three essays on seasoned equity offerings /". Philadelphia, Pa. : Drexel University, 2003. http://dspace.library.drexel.edu/handle/1860/251.
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Eom, Chanyoung. "Seasoned equity offerings and market volatility". Thesis, University of Oregon, 2011. http://hdl.handle.net/1794/11558.
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x, 51 p. : ill.New equity shares are sold for raising capital via a primary seasoned equity offering (SEO). In their 2010 article, Murray Carlson, Adlai Fisher, and Ron Giammarino discovered an intriguing relationship between market volatility and primary SEOs, namely that the volatility decreases before a primary SEO and increases thereafter. This pattern contradicts the real options theory of equity issuance for investment. In this study, I examine in greater detail whether the pre- and post-issue volatility dynamics are related to the probability of issuing new equity. I find little evidence that the decision to conduct a primary SEO depends on changes in market volatility after controlling for previously recognized determinants of SEOs. This reconciles the volatility finding of Carlson et al. with the real options theory of equity issuance for investment. I also examine secondary SEOs, in which only existing equity shares are sold and therefore no capital is raised by the firm. For secondary SEOs, real options theory makes no predictions about risk changes around the events. I find that market volatility tends to decline before a secondary SEO, a finding which warrants further attention.
Committee in charge: Dr. Roberto Gutierrez, Chair; Dr. Ekkehart Boehmer, Member; Dr. Wayne Mikkelson, Member; Dr. Jeremy Piger, Outside Member
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Maciel, Luiz Paulo Pires. "Underpricing of equity offerings in Brazil". reponame:Repositório Institucional do FGV, 2006. http://hdl.handle.net/10438/2331.
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Previous issue date: 2006-09-11T00:00:00ZWe examine the underpricing of twenty-seven IPOs and twenty-nine SEOs issued in Brazil from January 1999 to March 2006. Determinants on pre-market demand, underwriting activities and information asymmetry were discussed. Common characteristics seem to exist between all issues. 94% have been on premium market corporate level and 93% were realized via bookbuilding. Underpricing for IPOs and SEOs has been recorded at 9.6% and 3.6%, respectively. IPOs are more underpriced when (i) more informed investors receive shares, (ii) better ranked underwriters lead the offer, and (iii) there is positive revision in the final price compared to the initial price range defined before information disclosure. SEOs are more underpriced when (i) shares presents higher appreciation in pre-offer period, and (ii) the proportion of primary offers are larger, supporting adverse selection costs theory.
Esta dissertação examina os determinantes do deságio nas emissões de ações entre Janeiro de 2004 e Maio de 2006 no Mercado Brasileiro de Capitais. Apresentando forte liquidez e rentabilidade nos últimos três anos, o mercado brasileiro vem passando por melhorias institucionais e de regulamentação, como a criação do Novo Mercado na Bovespa e a publicação da CVM nº 400. Como reflexo destes aspectos e da maior participação de investidores estrangeiros e individuais, as ofertas de ações vêm apresentando recordes de emissão em número de empresas e volume negociado. A evolução no desempenho do mercado Brasileiro também é acompanhada pelo retorno das ações recém-emitidas. Comparando com estudo de Aggarwal, Leal e Hernandez (1993), o deságio das ações apresentam forte queda nas últimas décadas, de 78,5% para 9,6%. Esta diferença deve-se a melhoria de ferramentas que reduzem a assimetria de informação entre agentes de mercado e ao desenvolvimento do próprio mercado acionário, tanto para ofertas inicias quanto para secundárias. O que determina este deságio é o principal foco deste trabalho. O nosso objetivo principal é o de contribuir para a literatura brasileira e internacional acerca do desenvolvimento do mercado acionário de países emergentes. Neste trabalho identificamos, organizamos e buscamos compreender as características das emissões de ações, juntamente aos determinantes do deságio observado. Hipóteses principais baseiam-se (a) no papel do banco de investimentos líder na colocação de ações no mercado, (b) na demanda pela ação a ser emitida antes do apreçamento da mesma e (c) na assimetria de informação existente entre a empresa emissora e os potenciais investidores. Nós concluímos que os bancos de investimentos utilizam políticas discricionárias na alocação de ações. Ofertas Públicas Inicias apresentam maior deságio quando (a) os investidores de varejo recebem menos ações, (b) melhores bancos de investimentos coordenam a oferta e (iii) quando o preço final está acima da faixa de preço estipulada anteriormente. Ofertas Públicas Secundárias apresentam maior deságio quando (a) suas ações apresentam valorização nos cinco dias anteriores à emissão e (b) quando há maior ocorrência de ofertas primárias.
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Vallandro, Luiz Felipe Jostmeier. "Estrutura de capital: um estudo empírico sobre a ocorrência de equity market timing nas decisões de financiamento das companhias abertas listadas na Bolsa de Valores de São Paulo". Universidade do Vale do Rio do Sinos, 2009. http://www.repositorio.jesuita.org.br/handle/UNISINOS/2849.
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Este estudo teve como pressuposto investigar a ocorrência da teoria de equity market timing na formação da estrutura de capital das companhias abertas brasileiras. Equity market timing, ou janela de oportunidades de mercado, pode ser definido como o momento apropriado para a emissão de ações, que ocorre quando o quociente entre o valor de mercado e o valor contábil das empresas – market-to-book ratio (MB) − é alto, indicando que a firma está sobrevalorizada e que, respectivamente, seu custo de capital está baixo. Baker e Wurgler (2002) foram os expoentes dessa teoria e desenvolveram um modelo para testar a existência e a persistência de equity market timing na formação da estrutura de capital das companhias abertas americanas. Ao aplicarem o modelo no mercado norte-americano, nele constataram a existência de market timing, bem como sua persistência por cerca de uma década, a contar da data da oferta pública inicial de ações (IPO) das respectivas empresas, comprovando que as empresas norte-americanas se
This study examines the implications of the theory of equity market timing on the capital structure in the Brazilian public companies. Equity market timing, or windows of opportunities, can be defined as the right moment to issue equity when the market value is high, relative to book value, indicating that the firm is overvalued and the cost of capital is low. Baker and Wurgler (2002) developed a model to test the equity market timing theory in the American capital market. The results are consistent with the hypothesis that market timing has large and persistent effects on capital structure. Furthermore, they found out that the impacts persist for a decade after the IPO of the firms, proving that companies in United States take advantage of the windows of opportunities to form their capital structures. Assuming the Baker and Wurgler’s propositions, the equity market timing theory was tested in Brazilian capital market for a group of companies that went public between 1997 and 2007. Both market and book lever
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Rakita, Ian. "Essays on new equity offerings in Canada". Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape3/PQDD_0015/NQ47706.pdf.
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Schöber, Thomas. "Buyout-Backed Initial Public Offerings". kostenfrei, 2008. http://www.biblio.unisg.ch/www/edis.nsf/wwwDisplayIdentifier/3479.
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Chiu, Hsin-Hui. "Two Essays on Investor Sentiment and Equity Offerings". Digital Archive @ GSU, 2006. http://digitalarchive.gsu.edu/finance_diss/5.
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ABSTRACT TWO ESSAYS ON INVESTOR SENTIMENT AND EQUITY OFFERINGS BY HSIN-HUI CHIU May 2, 2006 Committee Chair: Dr. Jason T. Greene Major Department: Finance Using monthly open-end mutual fund flows as a proxy for investor sentiment, I am able to examine the impact of sentiment on IPO volume and underpricing. I find that issuers’ filing decisions are significantly affected by the predicted future sentiment around the expected IPO dates. Furthermore, sentiment has an impact on the final offer price setting and over-allotment options exercised. While previous research documents IPO cycles with respect to other proxies for investor sentiment, I am able to examine IPO cycles and underpricing with respect to sentiment along with investor risk preferences. I hypothesize that a going public firm will try to issue its IPO when investor risk preferences are favorable to the firm’s own risk characteristics. Empirical results based on 5,661 initial public offerings between 1986 and 2004 are consistent with my hypotheses that issuers not only time the market with sentiment in general, but also attempt to incorporate investor risk preferences into their going public decisions. Furthermore, underpricing is more severe when firms issue equity during months with large inflows into equity mutual funds. In my second essay, I find that SEO firms appear to time market efficiently because of the shorter filing periods compared to the average 2-3 months of the IPOs. Also, sentiment not only affects a SEO offer price setting but also affects the over-allotment options exercised. I examine two subgroups of the SEO samples: shelf registration and non-shelf SEOs. I find that shelf-registered SEOs incorporate investor sentiment into offering price to a greater degree compared to regular SEOs. Lastly I find that investor risk preference plays a role in firms’ decision to file prospectuses with the SEC. In other words, firms rationally decide the timing of filing based on the predicted investor preference and try to match firm characteristics with investor preference around the expected SEO date.
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Jindra, Jan. "Seasoned equity offerings, managerial opportunism, and insider trading /". Connect to resource, 1999. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1265717203.
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Jindra, Jan. "Seasoned equity offerings, managerial opportunism, and insider trading". The Ohio State University, 2000. http://rave.ohiolink.edu/etdc/view?acc_num=osu1265717203.
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Ouyang, Liangyi, i 歐陽良宜. "Accounting and stock performance of initial public offerings and seasoned equity offerings: evidence inChina". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2004. http://hub.hku.hk/bib/B30691114.
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Ouyang, Liangyi. "Accounting and stock performance of initial public offerings and seasoned equity offerings evidence in China /". Click to view the E-thesis via HKUTO, 2004. http://sunzi.lib.hku.hk/hkuto/record/B30691114.
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"Seasoned equity offering in China". 2003. http://library.cuhk.edu.hk/record=b5891695.
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Hu Jun.Thesis (M.Phil.)--Chinese University of Hong Kong, 2003.
Includes bibliographical references (leaves 52-55).
Abstracts in English and Chinese ; appendix also in Chinese.
Chapter 1 --- Introduction --- p.1
Chapter 2 --- Background --- p.2
Chapter 2.1 --- The Development of China Capital Markets --- p.2
Chapter 2.2 --- Comparison of Different Methods of Additional Financing --- p.4
Chapter 2.3 --- Seasoned Equity Offering (SEO) in China --- p.6
Chapter 3 --- Literature Review --- p.8
Chapter 3.1 --- Literature on Price Effect of New Equity Offering Announcements --- p.8
Chapter 3.1.1 --- Information Hypotheses --- p.8
Chapter 3.1.2 --- Leverage-Related Capital Structure Hypotheses --- p.10
Chapter 3.1.3 --- Price Pressure Hypothesis --- p.11
Chapter 3.2 --- Literature Related to Operating Performance of Firms Conducting New Equity Issues --- p.12
Chapter 4 --- Data --- p.14
Chapter 5 --- Price Effect of Seasoned Equity Offering --- p.16
Chapter 5.1 --- Methodology --- p.16
Chapter 5.2 --- Results --- p.19
Chapter 5.2.1 --- Announcement Day Effect --- p.19
Chapter 5.2.2 --- Issue Size and Announcement Day Price Effect --- p.22
Chapter 5.2.3 --- Cumulative Abnormal Return (CAR) Surrounding Announcement Day --- p.25
Chapter 5.2.4 --- After Market Effect --- p.31
Chapter 6 --- Operating Performance of SEO Firms --- p.34
Chapter 7 --- Determinants of SEO Decision --- p.41
Chapter 7.1 --- Financial Slack and SEO Decision --- p.41
Chapter 7.2 --- Ratio of Floating Shares and SEO Decision --- p.44
Chapter 8 --- Conclusion --- p.47
Chapter 8.1 --- Summary --- p.47
Chapter 8.2 --- Suggestion --- p.49
Reference --- p.52
Appendix A A Case Study On Seasoned Equity Offering --- p.56
Appendix B Policies Related to Seasoned Equity Offering (Original Chinese Version) --- p.61
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Huang, Hsin-Yi, i 黃欣怡. "The Determinants of Underpricing for Seasoned Equity Offering". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/07365240491583059425.
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碩士義守大學
管理研究所碩士班
94
This paper intends to explore the 760 SEO samples in Taiwan to discuss the determinants of underpricing for seasoned equity offering. Three characters different from relative literatures are discussed here. First of all, we try to combine Carhart’s (1997) Four-Factors Model (including firm size, market factor, book-to-market ratio and momentum) and other effect factors of SEO underpricing with our research model. Secondly, we test the “SEO book-to-market ratio effect”. Finally, we take dummy variables such as offering various institutions, industries and “the first political party switching in Taiwan” into our empirical model. The empirical results of this paper show issuer’s characteristics prove that large firm size, small book-to-market-ratio, and traditional industry or textile industry will increase the degree of SEO underpricing. The characteristics of market and offering institutions explain lower momentum, the offer with book-building, the shortened offering period, and “the first political party switching in Taiwan” will reduce underpricing degree. Furthermore, there are two hypotheses about firm size in relative literatures: the first one is risk premium hypothesis which indicates that issuers with larger firm size usually have smaller risks, and it will cause lower SEO underpricing. The second one is price pressure hypothesis, which explains that issuers with larger firm size should give higher underpricing rate to investors because they often offer larger relative amount of SEO stocks. Most literatures support risk premium hypothesis, but our empirical result affirms that the effect of price pressure hypothesis is more powerful. We also find that “SEO book-to-market ratio effect” exists in Taiwan market.
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Shih, Mei-Feng, i 施美夆. "Long-run Operating Performance following Private Equity Offering". Thesis, 2010. http://ndltd.ncl.edu.tw/handle/30430377722829737716.
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碩士國立中興大學
會計學研究所
98
Private equity has been became a raise capital tool which prevails over publicly traded company. To introduce strategic investors or improve financial structure by private equity offering, to expect to improve operating performance following private equity offering. This study explores long-run operating performance following publicly traded companies issue equity privately from 2002 to 2007. Furthermore, I also examine factors which cause performance changing. Use four operating performance indicators (operating profit ratio, net income ratio, return on assets and return on equity) to measure the operating performance of private company whether the following operating performance is improved. The results of this study are as follows: Long-run operating performance following private equity offering is indeed significantly improved. Regression results: the introduction of strategic investors following effect of operating performance to be insignificant improving effect. Insiders subscribed for private equity and higher discount of private equity, then there’s insignificant effect. Before issuing equity privately, companies face financial distress, their operating performance poorer than that of sane financial position companies. However, poorer financial position companies following operating performance are not improved. Because there are few sample observations, it is influenced empirical analysis result.
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Liu, Hsiu-Mei, i 劉秀美. "Seasoned Equity Offering Announcement Effect and Corporate Goverance". Thesis, 2015. http://ndltd.ncl.edu.tw/handle/58046578476371610970.
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碩士國立雲林科技大學
財務金融系
103
ABSTRACT This study took announced events for seasoned equity offerings from Taiwan listed companies during 2006-2013 as samples, adopting event studies as research method to explore the influence of seasoned equity offerings on stock price after announcement and analyze the factor of corporate governance for the association of the number of directors/supervisors, shareholding percentage of directors/supervisors, shareholding percentage of the majority stockholder, shareholding percentage of managers, the number of individual directors/supervisors for the final controller, percentage of the number of independent directors/supervisors and chairperson of the Board holding the post of part-time general manager to the announcement effects of seasoned equity offerings.The main research results are as follows: If seasoned equity offerings are announced at the date of board of director’s resolution, average abnormal return is significant and negative reaction after announcement. If the purpose of seasoned equity offerings is for long-term share ownership investment, average abnormal return is significant and positive reaction. If seasoned equity offerings are used to fortify working capital with reimbursement amount, average abnormal return is significant and positive reaction before the date of announcement, significant and negative after the date of announcement. If seasoned equity offerings are used to purchase machine and factory, average abnormal return is significant and negative correlation before and after the date of announcement. If the purpose of seasoned equity offerings is other mixed type, average abnormal return is significant and positive correlation before and after the date of announcement.Regarding variables for corporate governance, this study selected the number of directors/supervisors, shareholding percentage of directors/supervisors, shareholding percentage of the majority stockholder, shareholding percentage of managers, the number of individual directors/supervisors for the final controller, percentage of the number of independent directors/supervisors, and chairperson of the Board holding the post of part-time general manager as 7 independent variables, adopting dependent variable multiple regression analysis for corporate governance variable towards cumulative average abnormal return (CAR) for the purpose of seasoned equity offerings, and showing that research result is significant and negative reaction before the date of announcement, significant and positive reaction after the date of announcement. Close relationship is verified between corporate governance and the purpose of seasoned equity offerings.
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Lin, Ling-Ya, i 林雅玲. "Market Reactions to Seasoned Equity Offering--An Intraday Analysis". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/86125570428465051579.
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碩士國立中央大學
財務金融研究所
94
This study uses intraday trade and quote data and exact announcement times to examine the within-day pattern of the market reactions surrounding new equity offering announcements. We find that the new equity offering samples have informational content. The prices respond to new equity offering announcement within nine minutes of initial releases. There is a significant increase in trading intensity at the event period, and an increase in trades following news. Traders who execute before the initial release make small profit by trading during the new equity offering announcements. The depth decreased from the 13 hours before event equity offering announcements release. Liquidity provider anticipates the time of announcements and decrease depth to reduce the transaction risk.
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Tzeng, Tim, i 曾成樺. "A research of strategic action under seasoned equity offering". Thesis, 1997. http://ndltd.ncl.edu.tw/handle/44885950653554511757.
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Su, Chien-Chou, i 蘇建州. "Institutional Investors and Earnings Management around Seasoned Equity Offering". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/06143928964626282822.
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碩士元智大學
會計學程
99
This study uses the U.S. data from 1987 to 2009 to examine whether institutional investors perform monitoring toward firms engaging in seasoned equity offerings, and then mitigate the earnings management before equity offerings. We also examine the influence of accrual-based and real earnings management on a company’s future performance after SEO. In this paper, I use cross-sectional model to calculate discretionary accruals. As in Roychowdhury (2006), I use the abnormal levels of cash flow from operation, production costs, and discretionary expenses as the proxies for real earnings management. In order to capture the total effects of real earnings management, I also follow Cohen et al. (2010) to introduce two aggregate proxies, RM_1 and RM_2. In terms of the variable of institutional investors, I use the ratio of the numbers of shares held by institutional investors. I also investigate the relation between active investors and all types of earnings management by using the ratio of the numbers of shares held by active institutional investors (quasi-indexers institutional investors and dedicated institutional investors) which is defined by Demiralp (2011). Furthermore, I also test that correction between non-active institutional investors (transient institutional investors) and earnings management. In terms of performance after SEO, I use cumulative abnormal returns as the measure of performance. Our results show that offering firms with higher portion of institutional (active institutional) ownership are less likely to engage in earnings management. Our finding suggests that institutional investors can monitor the firms effectively and reduce the possibility of earnings manipulation by the firms. And in terms of performance, we find that when companies use real earnings management method to boot earnings that cause the performance after SEO is underperformance.
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KAO, KUEI-MEI, i 高貴美. "The Study on Announcement Effect of Seasoned Equity Offering". Thesis, 2003. http://ndltd.ncl.edu.tw/handle/62372396606754073710.
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Hsu, Chia-Yuan, i 許家源. "Auditor Industrial Specialization and Seasoned Equity Offering Firms’ Earnings Disclosure". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/34673409373273830875.
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碩士朝陽科技大學
會計所
94
Earnings management remains a popular topic of debate and discussion among investor, regulator, and the public. Prior studies suggest that abnormal accounting accruals are unusually high around seasoned equity offers (SEO) and document that higher quality auditor did constrain the degree of earnings management. This study uses auditor industrial specialization to measure the audit quality and examines the relationship between auditor industrial specialization and seasoned equity offering firms’ aggressive earnings reporting behavior. The present study adopts 446 Taiwan SEO firms during the period 1996-2004 to examine whether the SEO firms did implement aggressive earnings reporting before they issue new equity. It is found that the average discretionary accruals of SEO firms are higher in the year as they issue the new equity in opposition to the counterpart year before or after the SEO. In addition, the empirical result did not support the conjecture that auditor industrial specialization can constrain SEO firms’ aggressive earnings reporting behavior. Following Louis & Robinson (2005), who suggest abnormal accrual as a signal of managerial optimism rather than managerial opportunism reporting, the present study conjectures that the announcements of seasoned equity offering in Taiwan might be associated with managerial optimism signals. Thus, the incentive of auditor to constrain SEO firms’ aggressive earnings reporting behavior is decreased.
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Lin, An-Bei, i 林恩貝. "The Strategic Decisions of Large Shareholder under Seasoned Equity Offering". Thesis, 2005. http://ndltd.ncl.edu.tw/handle/99334648224921226058.
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碩士國立臺灣大學
國際企業學研究所
93
This paper analyzes the strategies of owning the new stocks and monitoring the objective company. Under a case of seasoned equity offering, the large shareholders may be diluted; as a result they may consider participating the season equity offering, which is buying some new stocks. However, the large shareholders own more stocks, and the market is less liquid. Since the large shareholders cannot enjoy a trading profit in an illiquid stock market, they might not like to have too many new stocks of the objective company.
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Wang, Hsiao-Ling, i 王曉羚. "Audit Quality and Earnings Management by Seasoned Equity Offering Firms". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/30985653992435326275.
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碩士國立成功大學
會計學系碩博士班
94
We investigate the relationship between audit quality as measured by audit firm size and industry specialization, and earnings management as measured by discretionary current accruals, for companies making seasoned equity offerings (SEOs). Earnings management in the SEO process is of concern because of the underperformance of seasoned equity offering firms. We find evidence that Big 5 auditors are associated with lower earnings management during the SEO. Industry specialist auditors are associated with lower earnings management during the SEO. According to our research, we find that when the management has the motive to increase reported earnings, the reported discretionary accruals of the management audited by the big 4 and industrial expert CPA firms are much lower than those audited by the non-big 4 and non- industrial expert CPA firms. It means that the audit quality of the big 5 and industrial expert CPA firms is much better, and they can restrain their customer using the discretionary accruals to increase their earnings. On the other hand, when the management has the motive to decrease reported earnings, they tolerate their customer using the discretionary accruals to decrease their earnings.
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Wu, Jau-Ying, i 吳昭瑩. "Seasoned Equity Offering Motivation, Funds Use and Stock Price Performance". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/x2c822.
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碩士銘傳大學
財務金融學系碩士班
96
The transaction of bond market in Taiwan is inefficient. Therefore, most companies lack williness to issue corporate bonds and will choose seasoned equity offerings (SEOs) to raise the fund. This study decompose market-to-book ratios into misvaluation and growth opportunity components to examine the equity issuance decisions by using a methodology developed in Rhodes-Kropf, Robinson and Viswanathan (2005) and the materials from companies with or without SEO. Furthermore, we take one step ahead to analysis the use of proceeds. The result of the study shows that the reason to facilitate Taiwan company to SEO is that the company have high growth opportunity in the future. Although the total assets of the company increased significantly after SEO, the capital expenditure is not apparent. Even though the abnormal return after SEO is low, the result is not apparent. And the conslusion also shows that SEO do not influence much of the company’s future stock prices.
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Chen, Hong-Ji, i 陳弘基. "An Empirical Study on Timing of Seasoned Equity Offering in Taiwan". Thesis, 1997. http://ndltd.ncl.edu.tw/handle/89089111571478226069.
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碩士輔仁大學
管理學研究所
85
The purpose of this study is to investigate if the aggregate volume of equity issues will be influenced by business conditions, interest rates, or stock market returns. Furthermore, we examine if the abnormal price reaction to seasoned common stock offering announcements will be influenced by business conditions or aggregate volume of equity issues. The findings of this study are as follows: 1. Firms prefer to issue equity when equity prices are relatively high which is consistent with the earlier studies of Marsh(1982) and Lucas and McDonald(1990). 2. We find that changes in long-term interest rates and the aggregate volumn of equity issues are negatively related. This is because more money moving to stock market which induces higher stock prices and makes firms tend to issue equity when interest rates are low. 3. With regard to abnormal returns on the announcement of seasoned equity offerings, the coefficient of hot markets is smaller than that of cold markets which is inconsistent with the studies in America. It indicates that changes of the level of asymmetric information between managers and investors in Taiwan is different from that in America. 4. Different from prior studies by Bayless and Chaplinsky(1996), the coefficient of abnormal returns of cold markets is significantly positive. This is because there are few firms issuing equities in cold markets which induces investors focusing on those firms. Therefore, the average stock price reaction is significantly positive. 5. We find that the subscription discount rate has a significantly positive effect on the average stock price reaction, but the coefficients of the other dependant variables are all statistically insignificant. In other words, the subscription discount rate is valued more by investors in Taiwan who are influenced by the fortune illusion from lower subscription price and ignore if the issuance has real value.
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Pan, Wu-Jen, i 潘梧仁. "The long-term price and operating performance of seasoned equity offering". Thesis, 1997. http://ndltd.ncl.edu.tw/handle/70566296765315257553.
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Wu, Yu-Ping, i 吳毓萍. "An Investigation of Relationship between Private Equity Offering and Operation Performance". Thesis, 2009. http://ndltd.ncl.edu.tw/handle/80025753069681919047.
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碩士國立高雄第一科技大學
財務管理所
97
The purpose of this study is to explore characteristics of private placement of shares by listed and OTC companies in Taiwan from 2006 to 2008. As inquired for private placement cases from Market Observation Post System, there are 157 samples. Eight profitability indices including debt ratio, return on assets to net operating incomes before deducting depreciation expenses, return on assets, net operating income rate, return on equity of stockholders, net income rate, earnings per share, and mart-to-book value ratio, are used to measure whether operating performances are improved after private placement. The measurement method is to compare financial ratios of three years, including the year before and the year after private placement. The study method adopts non-parametric statistics to make empirical exploration of various hypotheses. Empirical results are as follows: 1 Long-term debt paying ability, cash flow, final profitability, and the performance of utilizing assets to create profit are significantly improved than those before private placement, suggesting that hypothesis 1 – operating performance after private placement of issuing company is better – is valid. 2 Regarding the performance of issuing company after private placement by testing issue at premium or discount, variables of net operating income rate, return on stockholders'' equity, and earnings per share one year after private placement have reached a significant degree, indicating the degree of improvement of operating profitability and profit generated from utilization of assets of the company issuing shares at premium is better than issuing shares at discount, suggesting that hypothesis 2 – the degree of improvement of operating performance after private placement of a company issuing shares at premium is better than the company issuing shares at discount – is valid. 3 Regarding the improvement of private placement share ratio to performance, earnings per share have reached a significant level of 50% one year after private placement, indicating the market valuation toward degree of improvement is that lower share ratio is greater than higher share ration, suggesting hypothesis 3 – the operating performance after private placement of a company with higher private placement share ratio is better than a company with lower private placement share ratio, is not valid. Key words: Listed company, private placement of shares, profitability indices, characteristics
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Shao, Wei. "Hedging, information asymmetry and financing cost : evidence from seasoned equity offering announcements". Thesis, 2003. http://spectrum.library.concordia.ca/1973/1/MQ77674.pdf.
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This paper examines the effect of hedging on reducing the degree of information asymmetry. The effect of hedging on reducing information asymmetry is captured by comparing the abnormal returns and cumulative abnormal returns of hedgers and non-hedgers during their seasoned equity offering announcement period. Major findings of this paper are as follows. The abnormal returns and cumulative abnormal returns of hedging firms are significantly less negative than those of nonhedging firms. While the stock price run-ups prior to equity offering announcements for hedgers are significantly less than non-hedgers, the results on post-announcement long-term performance are mixed. Cross sectional analysis shows that even after controlling for the price pressure effect and other proxies of information asymmetry, the stock price reaction of hedgers is significantly less negative compared to non-hedgers. Our results provide evidence showing that hedging activities of a firm could be an important tool for shareholders to evaluate the firm's management quality and also reduce their information asymmetry disadvantage. A hedging firm also benefits from the reduction of information asymmetry by incurring lower costs of external financing.
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Yu, Wei-Ying, i 游蔚瀅. "Controlling Shareholder’s Market Timing Selection in Secondary Equity Offering and Stock Repurchase". Thesis, 2014. http://ndltd.ncl.edu.tw/handle/79287352461051620219.
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Chen, Jian-Wei, i 陳建偉. "A Research on the Relationship between Seasoned Equity Offering and Operating Performance". Thesis, 1998. http://ndltd.ncl.edu.tw/handle/59640551257705030351.
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碩士國立交通大學
管理科學研究所
86
A Research on the Relationship between Seasoned Equity Offering and Operating Performancestudent:Jian-Wei Chen Advisor:Kuh-Luh WangInstitute of Management ScienceNational Chiao Tung UniversityAbstract Public companies conduct seasoned equity offering(SEO) in order to improve their financial structure, enlarge productivity capability or even to diversify their products. Due to the special structure in Taiwan*s stock market that majority investors are individuals, it has shown various phenomenon which is different from foreign stock market. This evidence includes short-time emphasis benefit , lack of correct knowledge in finance and preference in risky adventure. The research emphasizes the cash flow and earnings aspects to explore the long term effect of seasoned equity offering. The conclusions are: (1) The operating performance of companies is decline after SEO, and the result is consistent with Jensen*s Free Cash Flow hypothesis. (2) Because of high financial pressure , operating performance of high leveraged companies is better than lower-ones. (3) Debt ratio and tax are the main considerations when companies conduct SEO in electronic and information industries. (4) Companies with small size and high-growth opportunities scale have higher probability to conduct SEO.
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Lin, Chia-hui, i 林嘉慧. "Characteristics and Operating Performance of listed company conductingprivate equity offering in Taiwan". Thesis, 2007. http://ndltd.ncl.edu.tw/handle/73462448167331346867.
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碩士東吳大學
企業管理學系
96
This study explores the characteristics of firms conducting PEO from Taiwan listed company with a research period of 2002 through 2006. We adopt 77 samples from Market Observation Post System. Furthermore, we also examine the operating performance of PEO after the year of issue by six operating performance ratios plus the market –to-book and debt ratios. The six operating performance ratios are operating income before depreciation to total assets, net profit margin(net income to sales),gross profit margin(operating income to sales),return on assets ,return on equity ,and EPS. Data to calculate these ratios were obtained from Taiwan Economic Journal. Ratios are computed for one year prior to the offer year, the offer year, and two years subsequent to the offer year, for a total of four years. Wilcoxon rank sum test and Wilcoxon signed rank test are used to test the hypotheses and the test results are listed below : 1.We support that EPS, return on assets, and market –to-book ratio are consistently better prior to the equity issue . 2.Operating income before depreciation to total assets and market –to-book ratio of PEO firms issuing at a price premium firms were found to be significantly better than those sold at a discount for one year following the offer year. 3.Market –to-book ratio of low percent share placed is significant better than high percent share placed, which indicates that investors expected more improvement relative to their earlier performance.
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Liu, Po-Yi, i 劉柏毅. "The effects of investor sentiment on seasoned equity offering and stock return". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/4v5644.
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碩士國立政治大學
金融學系
106
Prior studies show that managers have the ability to time the market and both short- and long-run cumulative abnormal returns (CARs) subsequent to seasoned equity offerings (SEOs) are negative. However, evidences in Taiwan do not show consistent results in the short-run abnormal returns. We wonder if the reason is that these studies define the event day differently and thus get different results. Collecting all the SEOs of the firms listed on TWSE and OTC market from 2001 to 2017 as our sample, we further analyze how investor sentiment affects the stock prices subsequent to SEOs and the decision of SEOs. The results show that short-run CARs are inconsistent under different definitions of event day, however, the long-run CARs are all significantly negative. We also find that if firms conduct SEOs during high sentiment periods, they will suffer from worse impacts of SEOs, compared to those conducting SEOs during low sentiment periods. Moreover, investor sentiment also affects firm’s decision of SEOs. If the sentiment is higher, firms are more likely to conduct SEOs.
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Chang, Shih-Mi, i 張詩宓. "The Effects of Mispricing and Liquidity Risk on Seasoned Equity Offering Decision". Thesis, 2015. http://ndltd.ncl.edu.tw/handle/46013253078762922955.
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Shieh, Fang-Yi, i 謝芳宜. "A Study of the Relationship between Seasoned Equity Offering and Information Asymmetry". Thesis, 2003. http://ndltd.ncl.edu.tw/handle/81403662507402410167.
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